Table 1 reports the balance sheet of all commercial banks based on aggregate data found in the Federal Reserve Bulletin. Compare this table to the most recent balance sheet reported by Bank of America. Go to http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irolreportsannual#fbid=Fkk8V4xUVzI and click on the most recent annual report to view the balance sheet. Does Bank of America have more or less of its portfolio in loans than the average bank? Which type of loan is most common?

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TABLE 1 Major Financial Legislation in the United States Federal Reserve Act (1913) Created the Federal Reserve System McFadden Act of 1927 Effectively prohibited banks from branching across state lines Put national and state banks on equal footing regarding branching Banking Acts of 1933 (Glass-Steagall) and 1935 Created the FDIC Separated commercial banking from the securities industry Prohibited interest on checkable deposits and restricted such deposits to commercial banks Put interest-rate ceilings on other deposits